Unit 1-Basic Economics Concepts

The interaction between supply and demand determines...

The amount of goods or services consumers are willing to buy at a certain price..

Joe's decision to go to dinner is an example of-

Workers are an example of which type of resource?

The combining of our four resources to make goods or provide services

The amount of a good or service producers are willing and able to sell at a certain price.

A bulldozer is an example of what type of resource?

The amount of money exchanged for a good or service.

Which economic principle is shown here?

Trees are an example of which factor of production?

The process of buying and using goods and services

The inability to satisfy all wants at the same time

This is what is given up when a choice is made.